DEPARTMENT: Neighborhood and Housing Services Department
DEPARTMENT HEAD: Ver?nica R. Soto
COUNCIL DISTRICTS IMPACTED: Council District 1
SUBJECT:
Public hearing and an Ordinance approving amendments to the Houston Street Tax Increment Reinvestment Zone (TIRZ) #9 Project and Finance Plan.
SUMMARY:
City Council is being asked to consider amendments to the Houston Street TIRZ Project and Finance Plan which will add several new projects and authorize increases to the total estimated project costs of the TIRZ.
BACKGROUND INFORMATION:
The Houston Street TIRZ was designated by City Council, through Ordinance 90969, on December 9, 1999. The initial TIRZ Project and Finance Plans were originally approved by City Council on August 24, 2000 through Ordinance 92409. Since then, the Project and Finance Plans have been amended on occasion to accommodate changes to the TIRZ project list and an amendment to the boundary.
On September 18, 2014, City Council approved amendments to the Houston Street TIRZ through Ordinance 2014-09-18-0713 that extended the term of the TIRZ by 20 years until September 30, 2034. Through the same ordinance, City Council approved changes to the composition of the TIRZ board of directors. The changes to the board composition reduced the size of the board from eleven to seven members with three appointees awarded to Bexar County and four appointees awarded to the City. The change reflected the end of participation in the TIRZ of both the University Health System and Alamo Community Colleges who had both reached their maximum contribution levels.
On June 4, 2015 through Ordinance 2015-06-04-0489, City Council authorized amendments to the Houston Street TIRZ boundary adding 260 parcels or roughly 179.74 acres (.28 square miles). These changes culminated in an amendment of the Project and Finance Plans and approval of a new Interlocal Agreement with Bexar County through Ordinance 2015-10-15-0881.
ISSUE:
In accordance with Chapter 31...
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